A provider of managed print services based in Hertfordshire, Mode Print Solutions, has been backed by Connection Capital with a management buyout of £20.5m (€22.3m)

£8.1m has been put forward to fund the deal by Connection’s network of private investors with £11m debt facilities provided by Clydesdale Bank.

Working with SMEs across London and the South East, Mode provides hardware, software, remote and onsite support for customer’s printing requirements. Founded in 1995, Mode has around 700 long-term contracted customers with a retention rate over 90% and since Robert Clarke joined the business as Chief Executive in 2013, Ebitda has climbed to £3.6m in the 2017 financial year.

Since it’s founding over 20 years ago, the company has benefited from and utilised technological advances such as cloud computing, improved printing technology and the remote facility to be able to fix networked printing systems offsite.

As part of the deal completion, an Executive Chairman will join the business, who is experienced printing and technology executive, Richard Cottrell.